Swedish bank SEB has set a net zero-aligned 2030 target for the shipping sector in line with its commitment to the Net Zero Banking Alliance.
The Net Zero Banking Alliance is a group of global banks committed to financing climate action to transition the real economy to net zero greenhouse gas emissions by 2050 and represents over 40% of global banking assets committed to that target.
The SEB’s new 2030 target for shipping means the emission intensity in the bank’s shipping portfolio must be reduced by 41% by 2030 compared to the base year 2022. The financed emissions covered by the 2030 target for the shipping sector account for 11% of the bank’s financed emissions in 2022.
The target covers all lending where ships are used as collateral for the lending, which makes it possible to follow the emission development at the ship level.
The sector target is based on the ships’ annual carbon dioxide emissions per freight capacity and distance travelled. This includes all GHG emissions on a well-to-wake principle.
“The shipping sector faces a major challenge in transitioning to a low-carbon future. To reach this target, it is necessary that […] our customers optimise their fleets with new energy-efficient ships, investments in energy-saving devices and technologies, and adoption of low and zero-carbon fuels when available,” said Hans Christian Kjelsrud, head of shipping at SEB.
SEB has previously set net zero-aligned targets for six other sectors in its portfolio. The 2030 sector targets cover oil and gas, power generation, steel, car manufacturing, Swedish household mortgage, and heavy vehicle manufacturing sectors.
Together with the new target for shipping, 77% of the bank’s financed emissions in 2022 are covered by 2030 net zero-aligned targets. “We have now set clear goals for the sectors where we can achieve the greatest positive impact. As for the other sectors, we will evaluate the need for additional targets,” added Hans Beyer, chief sustainability officer at SEB.
